Ed

I mean, one thing that is interesting about where we are now, as opposed to in 2008, say, is that—and this is the kind of sentence that gets you in trouble, but I'm going to say it anyway—

Most or all of the leverage seems to be in the government.

In 2008, there was leverage in households and also in companies.

And since then, households and companies have cleaned up their balance sheet with the assistance from governments, which have this infinite appetite for debt.

That's such a good point.

So that doesn't sound like a very good sustainable solution and way to live your life as a world to me, but it might make

Uh, at least in the short term, a crash less likely because the crashes we know in, in developed countries, at least they tend to happen.

They started with households panicking or, or private institutions.

And somebody will write in and find an exception to me, but most of the debt is in the government and they've got a printing press, which leads to the next important point.

The big spoiler, the thing I'm worried about most is

is inflation, right?

When you have all this debt in the public realm, and you're forcing all this stimulus into the economy fiscally, and you're cutting rates, and the economy's doing pretty well, and you've reduced the labor supply by throwing all the immigrants out, I can't predict inflation.

I don't understand it, but if there's inflation, all the nice things I just said are not true.

You know, inflation goes up, the 10-year yield goes to 5.5%.

You know, it's a different game.

Let me just ask you, what did you make of it?

No, that's fair.

You know it as well as I do.

Yeah, I mean, it looks to me, and again, the data is flawed, and we have this gap, and it's surprising.

We have this gap from the government's shutdown, and it's surprising how that affects the data in months.